Conico strikes heavy sulphides near Galileo’s PGE discovery

Conico has reported 22m of heavily disseminated sulphides in the first hole of a campaign at the Mt Thirsty JV project, just south of Galileo Mining’s recent Callisto discovery.

Partners Conico (ASX:CNJ) and Greenstone Resources (ASX:GSR) are in the first phase of a program targeting extensions to a recent palladium-platinum-gold-copper-nickel (PGE) discovery by Galileo (ASX:GAL) – just 200m from the Mt Thirsty boundary.

The pair, who each hold a 50% stake in Mt Thirsty, today revealed the first hole completed had intercepted 65m of disseminated sulphides.

This included 43m of disseminated sulphides in ultramafic rocks from 190m; 3m of heavily disseminated sulphides in sediments from 233m, and 19m of heavily disseminated sulphides in fluid altered ultramafics from 236m.

The results are significant, as they are interpreted to intercept the same geological horizon as GAL’s Castillo discovery just over the tenement boundary.

CNJ Conico PGE — Heavy disseminated sulphides in fluid-altered ultramafics at Mt Thirsty. Pic: Supplied.

Copper and nickel sulphide species were each logged in core – often associated with PGE mineralisation at the neighbouring project – and full assays for a suite of metals including palladium, platinum, gold, copper, nickel and rhodium are expected in the next 4-6 weeks.

Conico clearly thrilled

Conico executive director Guy Le Page said the company was thrilled with the early hits.

“The company is delighted to have intersected a thick, continuous zone of heavily disseminated nickel-copper sulphides in the very first hole drilled in this program,” he said.

“Importantly, this hole is interpreted to have intercepted the same geological horizon as that hosting the Callisto discovery, potentially extending the known strike horizon to over 400 metres, while remaining open in all directions.”

Le Page said the rig would now be moved further north, closer to Callisto, in a bid to test the continuity along and across strike.

“We look forward to keeping shareholders updated on a regular basis as our understanding of the nature and scale of this recently identified mineralised system develops over the coming weeks,” he said.

The prospective mineralised horizon at Mt Thirsty remains open in all directions, with a further 2km of strike on the JV’s ground.

Mt Thirsty features an existing cobalt-nickel oxide deposit, with a JORC resource of 26.9 million tonnes at 0.126% cobalt and 0.54% nickel.

Hot on Galileo’s heels

The continuity of mineralisation from the Callisto discovery would be a significant find for the Mt Thirsty JV.

In May, the neighbouring company announced a discovery intersection of 33m at 1.64g/t Pd, 0.28g/t Pt, 0.09g/t Au), 0.32% Cu & 0.30% Ni from 144m, prompting the Mt Thirsty joint venture to undertake the current campaign.

The JV is also undertaking a detailed geological review of the western margin of the project, assessing its potential for lithium-caesium-tantalum pegmatites on the back of historical drilling and mapping which indicated pegmatites in the area.

This article was developed in collaboration with Conico (ASX:CNJ), a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.